From LSE on proposed raising, page-7

The proceeds of the Placing will be used to fund the Company's ongoing evaluation of the conventional and unconventional prospectivity of existing assets and to enable it to identify and exploit new opportunities on the North Slope of Alaska.

As at 31 March 2018, the Company had cash resources of US$10.5 million, against a planned work programme of US$6.5 million for costs associated with recommencement of flow testing at Icewine #2 and final payments relates to the acquisition of the Icewine 3D and Yukon Gold 3D seismic surveys.

The proceeds of the Placing will therefore be used to strengthen the Company's balance sheet and to provide the Company with sufficient capital to:
· process and interpret ~450km² of 3D seismic data acquired over the Project Icewine acreage in March 2018, the final results of which are expected to be available in Q4 2018 and are designed to build on the highly encouraging results of the 2D seismic interpretation and allow the Company to firm up locations for further drilling activity in H1 2019;
· process and interpret 3D seismic data which was opportunistically acquired over the Company's recently-purchased Yukon Gold acreage, an existing oil discovery on the North Slope of Alaska close to infrastructure, the results of which are expected to be available in Q4 2018;
· settle outstanding lease payments due on its acreage, totalling approximately A$5 million;
· fund interest payments on the Company's debt facility which, as announced on 26 March 2018, was recently refinanced with Bank of America and subsequently assigned to FCS Advisors, LLC (trading as Brevet Capital Advisors); and
· finance the Company's ongoing working capital requirements; general and administrative overheads and provide capital for any additional growth initiatives.